Framework Ventures raises $400M for fourth fund as crypto VC expands into real-world assets

Framework Ventures has raised $400 million for its fourth fund, marking a strategic pivot for the crypto-native venture firm as it broadens its investment thesis beyond the boundaries of digital assets.

The fund, formally structured as Framework Ventures IV L.P., represents a continuation of the firm’s track record of deploying capital at scale. Framework filed SEC Form D documents for the vehicle, alongside a related offshore entity, back in September 2024. Co-founders Michael Anderson and Vance Spencer are the principal figures behind the raise.

From gaming bets to real-world assets

The firm’s third fund, known as FVIII, closed at $400 million in April 2022. That vehicle allocated roughly 50% of its capital, about $200 million, toward blockchain gaming. The rest went into Web3 and DeFi projects.

The clearest evidence of this shift came in February 2026, when Framework partnered with Better Home & Finance to establish a $500 million credit facility tied to the Sky stablecoin ecosystem. That deal also included a $45 million equity stake in Better.

Seed-stage focus stays intact

In April 2025, Framework led a $14.4 million pre-seed/seed round for Unto Labs.

At the close of its third fund, the firm’s total assets under management had reached approximately $1.4 billion.

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